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1010 East 178th Street

Updated Jun 26, 2025

NYCHA Secures $593.7M Loan From Wells Fargo And HDC For Northwest Bronx Renovation
FINANCEDDevelopment Site

NYCHA Secures $593.7M Loan From Wells Fargo And HDC For Northwest Bronx Renovation

1010 East 178th Street

$593,700,000

Building Size

—

Asset Type

Development Site

Closing

Jun 24, 2025

About this deal

AI

The property asset involved in this transaction is a development site located at 1010 East 178th Street in the Northwest Bronx. The loan amount secured for this project is $593,700,000, which is designated for the renovation of 1,669 apartments across 14 buildings, directly benefiting over 3,000 residents as part of the PACT program. The upgrades will include comprehensive renovations of apartments and infrastructure, improvements to security, enhanced broadband access, and expanded social services while maintaining affordability and tenants' rights.

Summary of transaction details:

Key individuals in this transaction include Eric Enderlin, representing the New York City Housing Development Corporation, and Lisa Bova-Hiatt, representing the New York City Housing Authority. Their involvement underscores the collaboration between private and public sectors to enhance housing conditions in the Northwest Bronx area.

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$593,700,000

Development Site

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Players

Wells Fargo
Wells FargoLender
NA
New York City Housing AuthorityLandlord
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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.03%

Cash-on-Cash

-0.01%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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